Disney Earnings Grew in the Third Quarter of 2023 Due to Company Restructuring
The Walt Disney Company (NYSE: DIS) today reported earnings for its third quarter and nine months ended July 1, 2023.
Steering through an era of profound transformation, The Walt Disney Company emerges with resounding success in the latest financial quarter, setting a remarkable precedent for the ongoing restructuring efforts.
Under the visionary leadership of Robert A. Iger, Chief Executive Officer, Disney’s proactive approach has yielded an array of accomplishments that propel the company toward a more efficient and creatively enriched future.
With an unwavering focus on restoring innovation to its core, Disney’s strategic revamp has not only surpassed expectations in achieving cost-effective operations but also heralded a significant surge in direct-to-consumer operating income. As the journey of transformation continues, Iger’s steadfast optimism and unwavering confidence in Disney’s enduring potential are a testament to the remarkable strides already taken and the boundless possibilities that lie ahead.
- Revenues for the quarter and nine months grew 4% and 8%, respectively.
- Diluted earnings per share (EPS) from continuing operations for the quarter was a loss of $0.25 compared to income of $0.77 in the prior-year quarter.
- Excluding certain items(1), diluted EPS for the quarter was $1.03, down from $1.09 in the prior-year quarter.
- EPS from continuing operations for the nine months ended July 1, 2023 decreased to $1.14 from $1.66 in the prior-year period.
- Excluding certain items(1), diluted EPS for the nine months ended July 1, 2023 decreased to $2.94 from $3.22 in the prior-year period.
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“Our results this quarter are reflective of what we’ve accomplished through the unprecedented transformation we’re undertaking at Disney to restructure the company, improve efficiencies, and restore creativity to the center of our business,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company.
“In the eight months since my return, these important changes are creating a more cost-effective, coordinated, and streamlined approach to our operations that has put us on track to exceed our initial goal of $5.5 billion in savings as well as improved our direct-to-consumer operating income by roughly $1 billion in just three quarters.
While there is still more to do, I’m incredibly confident in Disney’s long-term trajectory because of the work we’ve done, the team we now have in place, and because of Disney’s core foundation of creative excellence and popular brands and franchises.”
To read the full third-quarter earnings report for 2023 click here.
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